Two individuals form a partnership to open a real estate company. Which of the following is correct regarding licensing requirements?
A. Both must licensed brokers
B. At least one of them must be a broker
C. If one is a broker, the other must be a sales person
D. They can hire a licensed broker...
LOWA Real Estate Exam Questions and
Answers
Two individuals form a partnership to open a real estate company. Which of the
following is correct regarding licensing requirements?
A. Both must licensed brokers
B. At least one of them must be a broker
C. If one is a broker, the other must be a sales person
D. They can hire a licensed broker to run the company and neither needs a license -
Answer-B
According to Iowa real estate license law, all of the following would be classified as
engaging in the practice of real estate EXCEPT the person who - Answer-Is selling his
or her own property
A salesperson living in Des Moines, holds an inactive Iowa salesman's license. Which of
the following acts may she perform? - Answer-cannot list or sell homes anywhere in
Iowa
A licenses real estate broker may do all of the following except
A. Employ a telemarketing company to solicit listings
B. Employ another broker on his/her behalf as a salesperson
C. Offer a different commission splits with sales people within the company
D. Establish a commission rate without notifying the local MLS - Answer-A
How soon must the broker deposit the earnest money into the broker's trust account
after an offer to purchase has been made? - Answer-Within five banking days of
acceptance of offer
Which of the following events may happen regarding a disciplinary action involving a
real estate licensee?
A. License may be temporarily suspended before a hearing if the complaint is very
serious
B. Broker's license may be suspended without a hearing when the broker has been
indicted on criminal charges
C. Salesperson's license may be automatically revoked for fraud
D. License may never be suspended without holding a hearing first - Answer-D
A buyer backs out of a transaction just before closing and agrees to forfeit the $6,000 of
earnest money. The seller agrees that the broker has earned $2,000 even though the
closing did not take place. To collect the commission, the broker should - Answer-Give
all the earnest money to the seller, then bill the seller for commission
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